Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The market rebounded with shrinking volume, and the current market is in a phase of rapid rotation, increasing the difficulty of operation. The overall adjustment is not sufficient. In the short term, stock index futures can be used for hedging, and the market will continue to rise after the adjustment is completed [3]. 3. Summary by Relevant Catalogs Market Analysis - In terms of Sino-foreign relations, US Treasury Secretary Besent said that if China continues to block rare earth exports, the US may impose additional tariffs on China. The Chinese Ministry of Foreign Affairs responded that dialogue and cooperation are the correct ways, and threats and pressure do not help solve problems. China and the EU held export control dialogue consultations in Brussels, agreeing to maintain communication to promote the stability and smoothness of the industrial and supply chains. China decided to extend the visa-free policy for 45 countries including France and Germany until December 31, 2026, include Sweden in the visa-free list until December 31 next year, and resume group tours for Chinese citizens to Canada [1]. - In the spot market, the three major A-share indexes rebounded after hitting bottom. The Shanghai Composite Index rose 0.55% to close at 3976.52 points, and the ChiNext Index rose 0.29%. Most sector indexes rose, with media, coal, petroleum and petrochemical, and steel industries leading the gains, while non-ferrous metals and household appliances industries leading the losses. The trading volume of the Shanghai and Shenzhen stock markets was 2 trillion yuan. Overseas, Federal Reserve Governor Milan called for more aggressive interest rate cuts, saying that the Fed's policy is too tight. The longer the policy remains restrictive, the greater the risk of economic downturn. Milan reiterated that the neutral policy interest rate is much lower than the current level and should be achieved through a series of 50 - basis - point interest rate cuts. The three major US stock indexes closed mixed, with the Nasdaq rising 0.46% to 23834.72 points [2]. - In the futures market, the basis of IF, IH, and IC declined. There was a divergence in trading volume and open interest. The trading volume of stock index futures decreased, and only the open interest of IM increased [2]. Strategy - The market rebounded with shrinking volume. The current market is in a rapid rotation phase, and the overall adjustment is insufficient. In the short term, stock index futures can be used for hedging, and the market will continue to rise after the adjustment is completed [3]. Charts - **Macro - economic Charts**: Include charts showing the relationship between the US dollar index and A - share trends, US Treasury yields and A - share trends, RMB exchange rate and A - share trends, and US Treasury yields and A - share style trends [6]. - **Spot Market Tracking Charts**: The table shows the daily performance of major domestic stock indexes on November 3, 2025. The Shanghai Composite Index rose 0.55%, the Shenzhen Component Index rose 1.95%, the ChiNext Index rose 0.29%, etc. [12]. - **Stock Index Futures Tracking Charts**: The table shows the trading volume and open interest of stock index futures. The trading volume of IF, IH, IC decreased, and only the open interest of IM increased. Another table shows the basis of stock index futures for different contracts, and the basis of IF, IH, IC declined. There is also a table showing the inter - period spreads of stock index futures [12][15][38].